RENO - Based on processed applications as of May 13, 2020, Nevada State Bank has announced approval for 4,255 U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) loans totaling $592,005,500.
More than 68% of the loans were made to businesses with fewer than 10 employees and approximately 82% of the loans approved were for amounts less than $150,000 (57% for amounts less than $50,000). The funding will help preserve payrolls for 65,607 Nevada jobs, based on applicant data.